On April 19, Shanxi Province-based Chinese steelmaker Shanxi Taigang Stainless Steel Co.announced its financial report for the first quarter of the current year. Accordingly, in the given period the company's operating revenue totaled RMB 25.124 billion ($4.04 billion), up 10.97 percent, while its net profit amounted to RMB 255 million ($41 million), up 37.87 percent, both year on year. Basic earnings per share (EPS) for the quarter came to RMB 0.045 ($0.0072).
In addition, according to its final results for 2012, Taigang Stainless Steel achieved an operating revenue of RMB 103.515 billion ($16.64 billion) for the given year, up 7.58 percent, and a net profit of RMB 1.106 billion ($177.9 million), down 38.74 percent, both year on year. In 2012, operating costs totaled RMB 95.829 billion ($15.41 billion), indicating a rise of 8.93 percent year on year.
According to Shanxi Taigang Stainless Steel, in 2012 its pig iron output amounted to 8.102 million mt and its crude steel output totaled 10.1266 million mt, including 3.1061 million mt of stainless crude steel. Meanwhile, in 2012 it produced 9.4912 million mt of finished steel, including 2.8428 million mt of stainless finished steel.
In 2013, the company plans to produce 8.95 million mt of pig iron, 11 million mt of crude steel, including 3.4 million mt of stainless crude steel, and 10.36 million mt of finished steel, including 3.06 million mt of stainless finished steel.
Meanwhile, Taigang Stainless Steel has also announced that it plans to carry out a second phase short-term bond issue on April 23, valued at RMB 2 billion ($321.5 million), which will mature within 365 days, with Industrial and Commercial Bank of China (ICBC) acting as the lead underwriter.